{"text":[[{"start":11.73,"text":"Sony and Honda will scrap their plan to jointly develop upmarket electric vehicles in the latest global retreat from a planned phaseout of petrol engines."}],[{"start":22.96,"text":"The Japanese groups said on Wednesday that their flagship Afeela EV, which was due to be launched in the US this year starting at almost $90,000, would be cancelled."}],[{"start":35.71,"text":"The decision came just weeks after Honda abandoned its flagship electric “0” series and warned of ¥2.5tn ($16bn) of EV-related losses over two years."}],[{"start":49.71,"text":"More than a dozen carmakers worldwide have already cancelled EV launches and watered down their targets to go all electric amid a reversal in US climate policy."}],[{"start":61.86,"text":"The venture, set up in 2022, had aimed to pair Sony’s sensor and entertainment expertise with Honda’s engineering capabilities to create EVs with sophisticated software functions and in-vehicle infotainment. "}],[{"start":78.06,"text":"Despite the targeted small volumes, the partnership represented Japan’s ambitions to compete against Tesla and Chinese rivals by combining two of its most prominent manufacturers’ forces."}],[{"start":90.44,"text":"The EV model cancellations will not only knock Honda’s product offerings at a time of soaring petrol prices because of the Middle East conflict, but will also be a blow to its long-term goals to develop software capabilities and subscription-based business models."}],[{"start":108.33,"text":"EV sales have plummeted in the US after President Donald Trump ended federal tax credits for EV purchases and rolled back rules to cut vehicle emissions."}],[{"start":119.67,"text":"The future of the Sony-Honda Mobility joint venture had not been decided, the companies said."}],[{"start":125.91,"text":"Earlier this month when announcing Honda’s first loss in more than 70 years, its president Toshihiro Mibe said that the future of the models under development with Sony had not been resolved."}],[{"start":139.6,"text":"Mibe set a target in 2021 for Honda to only sell EVs and hydrogen fuel cell cars by 2040. His EV push has left him fighting to keep his job and the target is likely to be rolled back."}],[{"start":155.14,"text":"Japan’s second-largest automaker will emphasise selling more hybrids when it unveils a new strategy for its car business in May."}],[{"start":164.17999999999998,"text":"In addition to Honda, BMW-owned Rolls-Royce recently announced that it would continue making petrol cars beyond 2030. Global carmakers including Ford, Stellantis and GM have been hit by writedowns of at least $75bn over the past year due to cancellation of EV models and investments."}],[{"start":195.95,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1774498148_6085.mp3"}